Forex news for US trading on June 30, 2017:
- May core PCE +1.4% y/y vs +1.4% expected
- June Chicago PMI 65.7 vs 58.0 expected
- Trump is plotting a trade war over steel - report
- Canadian GDP m/m for April 0.2% vs 0.2% est
- US steel trading partners have complained to WTO before the US even imposes sanctions
- Atlanta Fed Q2 GDPNow 2.7% vs 2.9% prior
- BOC business outlook survey: Q2 future sales 31.0 vs 21.0 prior
- June final U Mich consumer sentiment 95.1 vs 94.5 prelim
- OPEC June output increases to 2017 high as Nigeria and Libya ramp up
- CFTC Commitments of Traders: CAD shorts chased out
- Baker Hughes US oil rig count 756 vs 758 prior
Markets:
- Gold down $4 to $1241
- WTI crude up $1.27 to $46.20
- US 10-year yields up 3 bps to 2.30%
- S&P 500 up 9 points to 2428
- NZD leads, CHF lags
It was a lively week but a bit of a limp to the finish as month-end flows took over.
Cable was a mover as it was sold into the London fix and hit a session low of 1.2946 but as the day winds down, the pair is challenging the session high of 1.3030 in a slow grind higher. The weekly close is the highest since May 19 when Theresa May was riding high in the polls.
USD/JPY got a lift from the PCE report as incomes rose and inflation didn't deteriorate further. The gain sent it to 112.15 from 111.90 and it chopped around there before catching a slow afternoon bid in a grind up to 112.60. The climb mostly erases the risk-aversion driven decline from Thursday.
USD/CAD slipped once again on Friday. Several bounces attempted to break 1.30 but the sellers were waiting and a late rally in oil prices on the Baker Hughes data led to a finish near 1.2960.
The euro bottomed out at 1.1392 in European traded and then staged a small recovery. It was sold again into the London fix but staged another small recovery late. Last at 1.1423 in what was a strong week for EUR/USD and EUR/JPY.
Great quarter guys! Have a great weekend.
